Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Tanger Inc. (NYSE:SKT) has received a consensus rating of "Moderate Buy" from eleven brokerages, with an average one-year price target of $36.70.
• The company reported a beat in EPS with $0.58 for the last quarter, exceeding analysts' estimates, and a revenue of $133.44 million, marking a 9.2% increase year-over-year.
• Tanger recently declared a quarterly dividend of $0.2925 per share, yielding approximately 3.4%, with a payout ratio of 132.95%.

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been given an average rating of "Moderate Buy" by the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $36.70.

SKT has been the subject of a number of recent research reports. LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 price objective for the company. Barclays lifted their price objective on shares of Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Evercore ISI raised their target price on shares of Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Tanger in a report on Saturday, September 27th.

Tanger Price Performance

SKT stock opened at $34.07 on Friday. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The company has a market capitalization of $3.86 billion, a P/E ratio of 38.71, a PEG ratio of 2.19 and a beta of 1.36. The business has a 50 day simple moving average of $33.05 and a 200-day simple moving average of $31.74. Tanger has a twelve month low of $28.69 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities analysts anticipate that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. Tanger's payout ratio is currently 132.95%.

Insider Transactions at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction of $607,950.00. Following the completion of the sale, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. This trade represents a 15.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock worth $591,712,000 after purchasing an additional 193,141 shares in the last quarter. State Street Corp lifted its stake in shares of Tanger by 3.4% during the 2nd quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust's stock worth $202,924,000 after purchasing an additional 215,174 shares during the period. Geode Capital Management LLC lifted its stake in shares of Tanger by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust's stock worth $86,892,000 after purchasing an additional 65,599 shares during the period. Invesco Ltd. boosted its holdings in shares of Tanger by 127.0% during the second quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust's stock worth $62,283,000 after purchasing an additional 1,139,288 shares during the last quarter. Finally, GRS Advisors LLC grew its position in shares of Tanger by 98.9% in the second quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust's stock valued at $57,769,000 after purchasing an additional 939,424 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Company Profile

Tanger Inc NYSE: SKT is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.

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